Answer:
The seller's proceeds is <u>$89,654</u>.
Explanation:
The seller's proceed is the difference between the total inflows and the out flows. This can be calculated as follows:
<u>Particulars $ $ </u>
<u>Inflows:</u>
Purchase price or sales proceeds 360,000
Refund on property tax in advance <u> 350 </u>
Total inflows 360,350
<u>Outflows:</u>
Commission (23,400)
Documentary transfer tax (396)
buyer's policy of title insurance (650)
Escrow fees (250)
Loan payoff <u> (246,000) </u>
Total outflows <u> (270,696) </u>
Proceeds <u> 89,654 </u>
Therefoe, the seller's proceeds is <u>$89,654</u>.